The company must file with the Director of Insurance:
Return to Miscellaneous Entities
- Notice to the Department in writing the date on which it enters into the organization’s first qualified charitable gift
annuity agreement. This notice must:
- Be signed by the officer or director of the charitable organization
- Identify the charitable organization.
- Certify that:
- The organization is a charitable organization;
- The annuities issued by the charitable organization are qualified charitable gift annuities as defined in
Section 41-120, Idaho Code.
- When entering into an agreement for a qualified charitable gift annuity, the charitable organization shall disclose in
writing to the donor, in the annuity agreement:
"NOTICE: A charitable gift annuity is not insurance under the laws of this state and is not subject to
regulation by the Department of Insurance or protected by a guaranty association affiliated with the Department.
The notice provisions of this subsection must be written in a separate paragraph in the annuity agreement in a print size
no smaller than that employed in the annuity agreement generally."
- Failure of a charitable organization to comply with the notice requirements
imposed by Section 41-120, Idaho Code, may
result in a fine in an amount not to exceed $1,000 per qualified charitable gift annuity agreement issued until the charitable
organization complies with the above noted reporting requirements.